Question

In one month you earned $100 delivering newspapers if you deposit the money in a savings account with a simple interest rate of 12% how much interest will you earn in six months

Answer 1

In 6 months, Simple interest of $6 will be earned for investing $100.

Step-by-step explanation:

Step 1:

Given details are Principal (P) = $100, SI rate (R) = 12%, Time (T) = 6 months = 0.5 years

Step 2:

Calculate Simple Interest by the formula SI = PRT/100

⇒ SI = 100 × 12 × 0.5/100

⇒ SI = $6